CBRE today announced the $9.0 million sale of a 75,049 sq. ft. office property located at 10 Lanidex Plaza West in Parsippany, New Jersey. Ideally located just off Parsippany Road on Interstate 80, the three-story office building was acquired by MSM Equities.
The CBRE Tri-State Investment Properties team of Charles Berger, Elli Klapper and Mark Silverman, along with A&T Services’ Thomas Mallaney, represented the seller, Lincoln Property Company, in the sale negotiations. Earlier this year, Mr. Mallaney secured a 31,442 sq. ft. office lease at the office property with Solix, Inc., which paved the way for the eventual sale of the asset at premium pricing. Additionally, the CBRE New Jersey Project Management team was tapped to manage the build-out of Solix’s office space.
“During these historic, unprecedented economic times, there was tremendous collaboration among ownership, the buyer and all the sales professionals involved to ensure a timely and efficient closing,” said Mr. Berger, Senior Vice President, CBRE. “In addition, MSM Equities exhibited tremendous fortitude and attention to detail in acquiring a multi-tenant property with a stable, long-term tenant base and with the opportunity to add value as the remaining space is leased.”
Located on 6.23-acres at the intersection of I-80 and I-287 in Morris County, the office property boasts extensive, highly-visible frontage on Interstate 80. The building features a dramatic three-story atrium with a waterfall, attractive new landscaping and onsite parking. 10 Lanidex Plaza West is also in close proximity to a wide variety of top restaurants, hotels and shopping destinations.
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CBRE Arranges $9.0 Million Sale of 10 Lanidex Plaza West in Parsippany, NJ